FAQ

MORTGAGE KNOWLEDGE

Are there any costs to use this service? We do not charge fees for bankable mortgages. There are some broker fees associated with private mortgages and some B lenders and you would be notified in advance. To see a full list of potential fees included in a mortgage, visit our closing cost page.

Are the rates on this web site up to date? The rates are updated shortly after we receive notification from a lender.

What type of mortgage lenders does this brokerage use? Banks, Credit Unions, B-Lenders and Private lenders. *Since May 2014, We have access to the majority of National (A) lenders across Canada. We are heavily armed with lenders for all our clients.

What if my mortgage application is not approved? In the event your application is not approved, it means we will need to come up with a strategy to ensure you get qualified in the near future. Both broker and client will work together to fix any lender issues to make a deal at a later date.

How long is the process from start of application to funding? The entire process from the first phone call to us and until you receive the funds is about two weeks if all goes smooth. Depending on when the documents provided to us, it may take longer. It is a good idea to provide ALL the documents to your broker as soon as possible to ensure a quicker turn around time. *Private mortgages usually fund within a few days.

Where are your services available? Anywhere in Canada, except for some parts of Quebec.

Can I get pre-approved before I find the home I want to purchase? Yes. Our lenders offer pre-approvals from 30-120 days and 1 year for new construction.

What types of down payment are acceptable? Normally: * Cashed Registered Retirement Savings Plan * RRSP’s may be used as a down payment up to a maximum amount of $25,000 and is not subject to income tax if repaid within a specific time period. * Gift from immediate family * Accumulated savings * Sale of existing home * Sweat equity.